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The Difference Between an Inherited Asset and a Gift Received

Posted in Tax News on August 18, 2013

Whether you receive an asset from inheritance or from a gift can have significant tax impact when this asset is sold. Inherited Asset For an inherited asset you generally take this asset over at the Fair Market Value at the…

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How to Calculate Your Cost Basis and Save Money…Guaranteed

Posted in Tax News on August 11, 2013

When you sell a capital asset you need to know when you purchased it and what the cost basis is.  These will be used to determine what your capital gain (or loss) is.  Capital assets are items such as stocks,…

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Why I Asked My Daughter to Give Me a Power of Attorney

Posted in Tax News on July 21, 2013

Recently my daughter turned 18.  In Connecticut this is considered the age of majority.  In other words, she can make her own decisions.  Well, that’s what the law says.  However, she’s still living under my roof, so, well, she’s got…

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How to Plan Your Estate and Live Happily Ever After

Posted in Tax News on October 9, 2012

Ask many people if they have an estate plan and they just roll their eyes.  With the Federal Estate Tax Exclusion at $5.12 million most people will not be subject to estate taxes.  In Connecticut, the exclusion is $2 million…

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7 Easy Steps to Manage an Estate in Connecticut

Posted in Estate Planning, Tax News on August 14, 2012

Please review 6 Easy Steps to Open an Estate in Connecticut.  1) Post a Probate Bond   Unless the will specifically indicates a bond is not required, the executor will need to get a Probate Bond. The coverage and insurance…

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